‘Small enterprises are the backbone of Russia’s growing economy; today’s entrepreneurs really need some floating capital to work with, which is why they apply for large-scale bank loans. Having to provide some kind of collateral used to be a problem for most businesspeople, but now this is no longer something one has to worry about. SKB-Bank is to offer its customers collateral-free loans on July 9, 2008. No collateral is needed to borrow up to 1 million RUR,’ SKB-Bank’s press officer reports.

‘This offer is valid for our individual mini loans, investment mini loans, and credit lines. One used to be obliged to provide some collateral that would equal to 120% of the loan value. Now, however, you can provide some partial collateral (an automobile, one’s shifting stock of merchandise, machinery and real estate) or no collateral at all for up to 1 million RUR you’d like to borrow,’ SKB-Bank’s SME Lending Director Anatoly Ovsyannikov explains.

‘This means that if some entrepreneur borrows 1.5 million RUR from us, they will only have to secure 500,000 RUR. One million RUR will be collateral-free for them,’ he notes.